LMAX Digital volumes were exceptionally thin in a very quiet Monday summer session. Total notional volume for Monday came in at $229 million, 41% below 30-day average volume.

Bitcoin volume printed $128 million on Monday, 46% below 30-day average volume. Ether volume came in at $44 million, 53% below 30-day average volume.

Looking at average position size over the past 30 days, we’re seeing average bitcoin position size at $8,445 and average position size for ether at $2,949.

Market volatility has cooled off sharply after an impressive run higher in early August. We’re looking at average daily ranges in bitcoin and ether of $2,496 and $129 respectively.

Crypto assets pulled back on Monday, presumably on a wave of mild profit taking from shorter-term accounts.

There weren’t too many headlines to speak of and we presume most of the price action was around fundamentals in traditional markets.

We’re coming out of a session of risk off flow, with some attributing the price action to concerns around global growth and others citing another escalation in tension in the Middle East.

This has translated to some flight to safety US Dollar demand and weakness in US equities.

But as far as things go on the crypto front, everything continues to look up. Bitcoin ETF inflows have been healthy.

Meanwhile, Semler Scientific has added more bitcoin to its balance sheet, a move that reflects well on the theme of institutional adoption.

Technically speaking, there has been no change to the outlook. Bitcoin is in the process of recovering from the early August low, where a higher low is sought out ahead of the next major upside extension to a fresh record high.

Looking ahead, the market will have its eye on tomorrow’s Nvidia earnings, Thursday’s US GDP read, and Friday’s US core PCE.